HOME LOANS

Overview

MRHFL provides Home Completion Loans for:

  • Construction of Dwelling Units - Mahindra Home Finance brings to you the joy of self-constructing the house of your dreams on a plot of land you own.
  • Purchase of Dwelling Units - Avail our services for purchasing ready or under construction house/ flat.
  • Improvement/ Renovation of Existing dwelling Units - Renovate your home just the way you want and let us take care of the finances for you.
  • Extension of existing dwelling units - Build a room, cover up an open space or add another floor for your comfort with our Home extension loans.
  • Joint Liability group loan - JLG loans for group of minimum 3 members and maximum 5 members.

 

ELIGIBILITY


MRHFL will consider the applicant / co-applicant’s income, age, employment stability, regularity and consistency of income, savings, family background, assets and liabilities, besides other factors likely to affect the loan repayment to determine the loan eligibility.


LOAN AMOUNT


Up to 75% of Cost of Construction excluding cost of land.


WHO CAN APPLY


Agriculturist, Self Employed, Business Owner, Asset Hiring Class, Salaried Individuals


MAXIMUM TENURE


The maximum tenure for a loan for all applicants is 20 years.
Loan Repayment
Based on your convenience and eligibility loan can be repaid in monthly, quarterly or half yearly equated installments by way of EMI/ EQI/ EHI comprising of principal and interest.

Pre installment interest would be payable during the period after you take your first disbursement and before commencement of your Equated Installment. Pre EMI interest would be charged at the same rate at which EMI is calculated and would be payable every month on the amount of loan disbursed.

Repayment of the loan can be made by cash / cheque/demand draft at any of MRHFLs offices. MRHFL also accepts post dated cheques for repayment. Repayment can also be made at Collection Centers approved by MRHFL.
Documentation

  • Duly Filled Application Form
  • Latest Passport Size Photos
  • Age Proof
  • KYC Documents
  • Income Proof
  • Property Related Document.

INSURANCE


Life Insurance of the key person – repaying borrower and insurance of the house shall be done prior to loan disbursement.
To read more click here



FEES, CHARGES & Rate of Interest


Click here for Fees, Charges & Rate of Interest

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